By Colin Kellaher

Shares of Mirati Therapeutics edged lower in premarket trading Monday after the biotechnology company agreed to be acquired by drugmaker Bristol Myers Squibb in a deal worth up to $5.8 billion.

Bristol Myers on Sunday said it would pay an initial $4.8 billion, or $58 a share, in cash, for Mirati, nearly 3.7% below Friday's closing price of $60.20 for the San Diego company.

However, the purchase price is 35% above Thursday's closing price of $42.89 for Mirati, before Bloomberg reported that France's Sanofi was considering a takeover bid.

Mirati shareholders also will receive non-tradeable contingent value rights potentially worth another $12 a share in cash tied to Mirati's pipeline drug candidate for non-small cell lung cancer, bringing the potential value of the transaction to $70 a share.

The deal, which Princeton, N.J.-based Bristol Myers plans to finance with cash on hand and debt, is slated to close by the first half of 2024.

Mirati shares were recently down 2% in premarket trading to $59.02.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 09, 2023 06:11 ET (10:11 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
Mirati Therapeutics (NASDAQ:MRTX)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024 Click aqui para mais gráficos Mirati Therapeutics.
Mirati Therapeutics (NASDAQ:MRTX)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024 Click aqui para mais gráficos Mirati Therapeutics.